Personal Loan Calculator
Calculate personal loan EMI with processing fee. See total cost breakdown, interest payable & repayment schedule.
Repayment Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | ₹1,47,208 | ₹52,078 | ₹3,52,792 |
| Year 2 | ₹1,65,877 | ₹33,408 | ₹1,86,915 |
| Year 3 | ₹1,86,915 | ₹12,371 | ₹0 |
Frequently Asked Questions
What is a personal loan?
A personal loan is an unsecured loan that doesn't require collateral. It can be used for any purpose — medical expenses, travel, wedding, debt consolidation, or home renovation.
What affects personal loan interest rates?
Your credit score (750+ gets best rates), monthly income, employer profile, existing EMI obligations, and loan amount. Rates typically range from 10% to 24% p.a.
What is the processing fee?
Most banks charge 1-3% of the loan amount as processing fee. Some may also charge documentation fees, stamp duty, and insurance premiums on top of the processing fee.
Can I prepay a personal loan?
Yes. For floating rate personal loans, no prepayment penalty applies (RBI rule). For fixed rate loans, banks may charge 2-4% foreclosure fee on the outstanding amount.
What is the maximum personal loan amount?
Banks offer personal loans from ₹50,000 to ₹40 lakh based on your income and credit profile. The typical limit is 10-24 times your monthly salary.